Despite the recent market volatility and thanks to committed long-term investing, the Alliance Retirement Plan continues to increase. We are excited to announce that participant investments together have reached a noteworthy milestone of over $200 million! We celebrate this great news and praise God for His faithful provision and giving us yet another example of His care in every detail.
With almost 3,700 account holders (including those actively contributing, retirees, etc.), the desire is for this plan to keep the dollars you contribute in your pocket as much as possible. As we carry out our motto of saving together, here are a few highlights of what goes on behind the scenes on your behalf:
- Alliance Benefits and its team of professionals follow a systematic process by monitoring the existing investments offered by the plan to maintain a best-in-class investment menu. Individual churches can opt into the program and take advantage of tremendous compliance and administrative efficiency instead of “reinventing the wheel” on their own.
- With the sheer volume of Alliance investors, high-quality investment options are available at a lower cost. Did you know that if you invest in a TIAA-CREF lifecycle target-date fund, the “all-in” cost, including administration fees, is just .35% per year? Compare this to a retail, noninstitutional investment platform that can surpass 2%. We accomplish this by continually monitoring costs when considering the plan’s size and scale.
- When participating in a sponsored church plan, you may be eligible to reduce your taxable income—even after retirement. The Alliance Retirement Plan is a “Church Plan” recognized by the IRS. Because of this, it may be possible for you to claim a ministerial housing allowance on your withdrawals after retirement. Read more
- As many of you already know, we are also blessed to have some remarkable partners that assist our participants and their employers in a variety of ways. For instance, our advisors, Strategic Financial Partners, regularly consult at NO CHARGE with our participants to help them structure their investments and plan their financial futures.
- Our partnership with The Orchard Alliance (formerly ADF) allows the plan to offer a fixed income option that pays a competitive interest rate compared to the fixed-rate option in other plans. Therefore, your investment assists in Kingdom-building work.
- Empower Retirement, the Third Party Administer of our retirement plan, meets regularly with Alliance Benefits and Strategic Financial Partners to collaborate and enhance their service. They offer many educational resources and programs, including these upcoming webinar sessions: Financial-Fitness-Sept, Financial-Wellness-Oct, Budgeting-Nov.
- Also, churches are sometimes surprised to hear that Alliance Benefits doesn’t charge any fee to set up the Alliance 403(b) Plan.
While “retirement” may look different for you than it does for your friend or neighbor, the common thread is that it takes planning, preparation, and uniting. The Alliance Benefits team and our partners are here to support you every step along the way.
If you’re not currently saving for retirement, it’s worth consideration. Would you like help to compare your current plan (and its fees) to our plan? Or, perhaps you are already enrolled and have questions about your account. If so, we invite you to contact Alliance Benefits. We are happy to answer questions, get you started with the enrollment process, or connect you with one of our advisors.
Curtis joined the Alliance Benefits team in September of 2017. Serving in the role of Executive Director, he is responsible for the overall administration and direction of all aspects of Alliance Benefits, including the health and retirement plans for Alliance workers in the United States and internationally.